CPF Treasurer's Report: May 2010
The Community Papers of Florida (CPF) remains in good financial shape.

CPF Treasurer Vincent Grassia addressed the general membership at the recent annual conference in Orlando.

"That is the good news," he said.

"The bad news is that the CPF classified sales continue on a downward trend.

"For the first quarter of 2010, sales were $35,226 below our projected budget. This year we will need to dip into our investments to continue to provide the benefits our members are accustomed to. To accomplish this, depending on the remainder of this year, it may cost up to $300,000.

"Prior to the board of directors' planning session and board meeting in October, the CPF finance committee will meet to take a careful look at the next year's budget. Cuts may be necessary.

"The decline in classified sales has affected all of the free paper associations. CPF is down 37.9 percent, while other associations have reported that sales are down as much at 50%. Three years ago CPF revenue sales were over $29,000 per week. Now we are down to $10,000.

"Our current investments include $201,000 in a mutual fund, over $44,000 invested in Lincoln National Insurance funds, $77,277 in a disaster fund, $400,481 in Money Market Funds, $428,788 in bank CD's, $297,070 in accounts receivable, and over $170,000 in the operating account. This leaves us a net worth of over 1.6 million dollars.

"The investments will allow CPF to continue to operate over the next few years; but with sliding sales, we need to adapt to continue the success that we have experienced. Increasing sales is a major priority," he said.

Treasurer's reports are available to the general membership. Contact the CPF office.


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